From big tech firms to startups, 2 lakh employees lose jobs in 2023
As more and more Big Tech companies continue to sack employees, they listed various reasons behind the move -- over-hiring, uncertain global macroeconomic conditions, strong tailwinds from the Covid-19 pandemic and more.
The year 2023 has become the worst year for tech employees as nearly 2 lakh tech employees -- from Big Tech firms to startups -- have been sacked to date globally, as companies like Meta, BT, Vodafone and many others announced further plans to lay off more employees in coming months.
As per the data by layoffs tracking site Layoffs.fyi, 695 tech companies have shown the doors to around 1.98 lakh employees so far this year.
In comparison, 1,046 tech companies laid off more than 1.61 lakh employees in 2022.
In January alone this year, close to 1 lakh tech employees lost jobs globally, dominated by companies like Amazon, Microsoft, Google, Salesforce and others.
In total, about 3.6 lakh tech employees have now lost their jobs in 2022 and till May this year.
As more and more Big Tech companies continue to sack employees, they listed various reasons behind the move -- over-hiring, uncertain global macroeconomic conditions, strong tailwinds from the Covid-19 pandemic and more.
Meta (formerly Facebook) is reportedly going to start laying off more employees next week in its third round of job cuts.
While the exact number has not been confirmed, it is expected that the company will lay off approximately 6,000 employees in this round.
Amazon India laid off around 400-500 employees from its Cloud division AWS as well as People Experience and Technology Solutions (PXT) or HR and support verticals this month.
Fintech unicorn Zepz is laying off 420 employees, or 26 per cent of its workforce.
The UK telecommunication giant BT Group has announced plans to slash a massive 55,000 jobs by the end of the decade.
Global telecom carrier Vodafone said it plans to reduce 11,000 jobs over the next three years, with an aim to "simplify" both headquarters and local markets.
Meanwhile, Microsoft will not give any raise to salaried employees, including senior leaders, this year as global macroeconomic conditions continue to haunt Big Tech.
Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.
RECOMMENDED STORIES
SBI 444-day FD vs PNB 400-day FD: Here's what general and senior citizens will get in maturity on Rs 3.5 lakh and 7 lakh investments in special FDs?
Power of Compounding: How long it will take to build Rs 5 crore corpus with Rs 5,000, Rs 10,000 and Rs 15,000 monthly investments?
Rs 3,500 Monthly SIP for 35 years vs Rs 35,000 Monthly SIP for 16 Years: Which can give you higher corpus in long term? See calculations
Looking for short term investment ideas? Analysts suggest buying these 2 stocks for potential gain; check targets
11:40 AM IST